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Share price drift down MOT up and STILL waiting for the gas contracts price and signed?

Could the two be related? It would not be hard to imagine that the BoDs may be involved in very tough /hard negotiations with buyers/Gov representatives on this final price. It would have been all smiles and hand shakes when signing the Gas contracts MoU but now CHAR are in deep, FEED complete and looking to fund project either through bonds, investors loans or farm out the gas price recieved vs payed out would be the time Morroco dropped its smile and brought in the unpleasantness.

Does any one have any experience (other projects) where the sign off of the gas sales contract has been left so late?

This, I SPECULATE, is where we may be at presently.

Rgds Sft

Hi Speculiar,

When you say start up venture are you referring to the renewables side....if so: Fully agree, we can see a clear path on the gas side....up to a point I.e. further field development tbc.

AP when asked at the QnA (not the previous, but one before) verbal confirmed he/they will not ring fence the gas returns. So that indicates CHAR side of it will probably be partly used in the renewables/hydrogen arms?????

I am really hoping that they do actually present at some point VERY soon a clear plan both development and financial (costs and then raising) for that side of the business.

This is (imo, as per broken record usual) the reason why we do not have ii getting onboard (yet?). An investment manager/broker has to see numbers and returns other wise they would be liable for mismanagement of funds.

CHAR management have not given any as yet, have burned investors money since inception, not made a return on any investment since inception and significantly diluted the share price by raising funds or buying other new and small African "companies" along the way.

CHAR would be dead in the water if one of the team (not sure who) had not bought the gas assests.

So as per above, we need to know ( as we are all aware of course) the numbers for the gas contracts and development, type and cost of capital/fund raise that's for just the gas side. Then of course the renewables/hydrogen side (as said) thas has not been financially presented accurately enough for the ii's

So hence imo the sp is assessed to be where it should be by the market....untill the market get the accurate information and contracts signed.

GLA

Rgds Sft: Standing by to stand by

NO # of Trades 42

Vol Sold 3,928,461

Vol Bought 111,93

I am actually rather concerned, something must be up.

This should be on a slow RISE post FEED RNS 8th March and as per AP's accompanying statement:

"We have made excellent progress across all aspects of our planned development for Anchois and detailed discussions on partnering, gas sales agreements and project finance continue concurrently as we move towards Final Investment Decision"

No idea why this is heading south, as its well below the last share placements at 18p, so even if they are stupidly planning another (can'treally belive that), the only drag down would be on further dilution resulting from such. Then buy back in after?

Time will tell???

GLA

Rgds Sft

Good find Gz, look to be close to the known distance: "The field, which is situated in shallow waters and approximately 40 km from the Gazoduc Maghreb Europe (GME) pipeline that used to export Algerian gas to Europe until late....."

They have to do surveys still to find the right landfall location, I would have thought? Unless a vessel sneaked out there as part of FEED? BUT it does fit...possibly?

They have to start getting the orders in soon for procurement lag.

Again good spot.

GLA

Rgds Sft

Maybe Westward Investments Limited (Not the UK registered company (dormant accounts) but the oneof these entities in the British Virgin Island, or Cayman or Gib) know more?

https://www.datocapital.vg/companies/Westward-Investments-Ltd.html

Rather hard to find any data on the overseas ones, unless you want to pay.

This is not bad from Yahoo finance, detailing investment info:

https://finance.yahoo.com/quote/C62.F/insider-transactions/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvLnVrLw&guce_referrer_sig=AQAAAFqcC4_bLu9L_8Dh8fouBT38xXoLh5TjkZpCSyv4Ba79KGBSMfTUnXZnVZB8xHEwXlBxALBfHqy9KDj934kFjSmmKpwEf2QmttLjLR1i6zK9Tw7RAQowhIEmG1xRbt-0deraDkD20Qptv7HfDVkTDGPskb5IHZh0TdlnQKuK3vHX

BUT ALSO Reference:

Golden Rim Resources Ltd (ASX:GMR)

https://www.listcorp.com/asx/gmr/golden-rim-resources/news/change-of-directors-interests-pouroulis-mackay-davies-2639208.html

And the following (read section Part 1)

"Nature of indirect interest(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.Westward Investments Limited, Principal Nominees Limited, Sommer Consulting Limited, BNP Paribas Noms Pty Ltd.

AND in particular......

Custodian holdings/related parties of Adonis Pouroulis"

Rgds Sft

Institutions 2.0% 8,764,874 shares
Private Companies 8.8% 85,143,102 shares
Individual Insiders 9.6% 92,145,383 shares
General Public 79.6% 766,055,426 shares

Note AP owns: 9.09%
Also AP is involved with Westward Invest.ents Limited which has 7.62%
Also AP has "established no less than eight mining companies"
https://www.google.co.uk/amp/s/stockhead.com.au/resources/a-vast-swarming-gold-system-successful-mine-builder-adonis-pouroulis-on-why-he-joined-the-golden-rim-board/%3famp
Remember AP is earning $500k salary and expenses just from his Chariot role. No idea the income from the other companies. Busy man.
The Jury is VERY MUCH out with regards to AP, for me...awaiting a verdict.....and conformation of share holder and financial prudence.
Just for information and further awareness.
Rgds Sft

Best quote: 19 Apr 2022 09:41
"The possibility of a fund raise at 20p is approximately zero. CHAR does not currently need extra equity finance and 20p represents a 30% discount to the current share price"

Rgds Sft

Market is not allocating 18p a share as value, which I do not understand? I was hoping that the April ISA bed & place was going to put us back there and a bit higher? I was tempted to sell my remaining trade account shares on this recent rise then wait for the post April drop to buy again into my ISA but dithered.....my luck i.e. the crucial RNS is posted in between....and as above I thought we may be gaining some positive momentum.
The BoDs value us at 18p "lastest" share place but not markets. I have written to the CHAR investor relations and asked when the BoD's are going to detail the other arm (hydrogen/ renewables) financing and confirm no further share placement and subsequent further dilutions, still think the markets see it that way too???? They kindly replied but only to say all such information is distributed through RNS notifications.

Keeping the faith but a bit confused and questions remaining unanswered by CHAR management.
Remember the "road show" well know ones seems to be getting in early?
Rgds Sft

Thank you BRV, greatly appreciated.
AA always comes across well.
Interestingly NO talk about what was a significant event AND effect on the rise then fall (?) (addtional influence was of course WFT) of the SP was the Serica Energy play?????? WHY? Would really have liked to hear AA thoughts on all of that.
It looks like there will be MORE drilling (expensive) required in the Dutch sector to head off decline.
We are moving away from clean energy supply as well, no questions raised on a renewable direction.
But it looks like AA see's real opportunities now in Norway for smaller / fringe assets. That's the new hunting ground.
Rgds Sft

Reminder:
1 June 2021
Chariot Oil & Gas Limited
("Chariot" or the "Company")
Completion of the Acquisition of Renewable and Hybrid Power Developer focused on Mining Sector in Africa
Chariot (AIM: CHAR), the Africa focused transitional energy group, is pleased to announce that further to the announcement on 23 March 2021 in respect of the acquisition of the business of Africa Energy Management Platform ("AEMP") all conditions in the share purchase agreements and other related transactions agreements have now been satisfied and completion of the transaction is expected imminently.
Initial consideration payable on completion of the share purchase agreement is US$1.16 million in Chariot Ordinary Shares based on the 30-day VWAP prior to the signing of the SPAs (representing 9,196,926 shares) and US$0.09 million in cash......."
https://markets.ft.com/data/announce/full?dockey=1323-14997965-1DOQIOH3CR33L4V1TG8V1DS3GM

Rgds Sft

Hey GP,
I much prefer the sound of heralding trumpets rather than indian drums and am looking forward to my own silence :-)
The next RNS must surley be a positive one?
April seems to demonstrate that us 75% ers bought a few more shares this year and many look to bed in ASAP.
GLA
Rgds Sft

RNS issued is a clear indication/reminder of why breaking 18p is so difficult.
IMO again until the BoDs give the market conformation on how they intend financing other arms of the business and thus confirm they will not conduct further "acquisitions" by share placement and resultant dilution AND we have not inanced, sanctioned and there for fully dirisked the gas project...its 18p (and /or less: dilution effects).
Come on AP give the market some assurances and derisk investors investment!
Rgds all Sft

I raised several questions on the last webinar, one being: " Due to the amount of shares being placed and the resulted dilution can the BoDs confirm they will not attempt a share consolidation" it was not put out (other of my posed questions were) for answer.

I raised that as Harbour energy completed a rerate AND then share buy backs....disaster.
I have been continually "interested" in how and when funds are raised and the influences of such on share pricing, who actual ends up owning and controls company debt, the security of privileged information and who controls the majorities of voting rights all in a company (either personally or and via other investment vehicles), what and how and which personnel benefit from such.
All gained from my previous investments with Premier oil, now morfered into Harbour Energy and Rockhopper exploration....there's a movie to be made from watching the plays, miss management and what happened. I think I managed to lose more than I learnt though...doh.

I watch with SIGNIFICANT interest to how and who with CHAR will raise the very different aspects of the required financing.
Would they dare do another share placing?
I am hoping this investment actually lives up to its real potential, how that pans out though is (IMO) in the hands of the majority share holder (personal and via private company(s), highly paid and highly corporate and experienced Mr Adonis Pouroulis.
Keep an eye on and always follow the money.
Do remember the majority of share holders are private investors so there is some ability to influence at voting time...also if ii's do not come in after Gas contracts and Gas financing that would be a red flag for me.
Gone negative again but once you've been burnt you get nervous when you see or smell some smoke.
All the best, looking forward to great news, a great finance deal, conformation of renewable and Hydrogen financing plans and the boss making a lot of money from his investments and dragging us along with him.
Rgds Sft

A LOT of cash has been spent in the Dutch sector on drilling with NO significant / confirmed results. Seems to be lots of post evaluation though. Very disappointing....again.
A lot is now pinning on the West of Shetland Benriach development.
It seems we are in a bit of a bottle neck, it's difficult to see where AA goes next.
They have previously confirmed and reconfirmed investment has to be UK/ Dutch/ Norwegian only.
Note: They should have tried with Morroco and Chariot imo. Rather than the underfunded attempt at Sercia Energy. Well at least some traders done well out of it over that period, not so good for LTH's

Purchasing existing gas opportunity would remain too expensive (AA got the last good deal around with TotalEnergies fortunately) leaving only the expensive and risky exploration opportunities...and their drilling consultants do not appear to be very "lucky" to date.

Should we be heading more towards more renewable development projects to offset WFT's. It will not get the quicker returns that gas would give BUT when you consider the UK possible intent to start penalising the domestic gas users...electricity may be the way forward....Hydrogen seems to still be too high a RnD risk still (imo), just do not know very much about it or what companies are making good returns from it to date.
AA not even talking to Malky any more!
GLA
Rgds Sft

Hello Jim, yes I am not concerned about the funding of the gas project(s) that appears faily standard.
And your excellent and greatly appreciated calculations help support such assurances.
But
I reiterate my concerns lay with the other arms and the lack of financing and clarity- You say
" With regard to the renwables, this will be "valuable" and "they" have stated they will "expect" to take third party funding into the subsidiary"
I think institutional investors may want to see business/ finance planning with a bit more substance and assurances. I know I am asking for such, as before with out such we are exposed to significant financial uncertainty and the possibility the controlling authority on the BoDs can pull any rabbit out of the hat eg buy more suprise companies with more suprise share sales.
That remains my concern.
Of course I may be expressing unwarranted concern. I did express concern after the drilling campaign about being sufficiently funded to get to farm in or financing but was told we were "fully funded" that was before the suprise share sales to actually get us this far AND support the other arms of the business....but we needed another suprise to buy the water container company!
I am not sure what the current cash drain is and what runway we have left either.
Again the BoDs MUST be able to demonstrate to ii's they have fiscal prudence above and beyond the normal AIM style directors (OR mining director types) Remember when has Chariot ever earned a penny?
So ii's will expect to see some significant assurances in ALL parts of the company wher cash is going out and nothing comming in.
All IMO
Kind rgds Sft

Appolagies that link was not correct: this one may be a bit better on farm out options?
https://www.investopedia.com/terms/f/farmout.asp
Kind rgds Sft

Hi Jimmy, thank you for your thoughts, information and considerations.
I do not know of such reimbursements* detailed or put out by CHAR and if it does happen; we should ask would that potential recovery be sufficient to fully fund the undisclosed /financed renenewable /hydrogen ambitions until we reach production income
Note* link below to a possibley example and explanation of what you belive will happen Jim?
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7798991/
Addtional comments: on last webinar AP confirmed that they would not ring fence the gas returns to just gas projects. I will listen again to see if there were any other "hints" on funding the other arms of the business

The simple reply is we do not know for certain nor are we being informed.
Still all very interesting and time will tell.

Rgds Sft

Just my ususal opinions but as we are really only getting a very minimum amount of daily share trades (still belive its a few traders using their allocated % of "trading" shares) the drop from 18p down is possible not related to such but market adjust to UK confidence, WFT on UK energy companies (although we're spending rather than earning!), recent share issue/dilution for funding the open-ended (there could be more!) renewables arms.
Then couple this with no declared (confirmed) finance plan for the gas project and how much is left of the remaining funds in the bank?
All of the above factors will result in significant uncertainty and a lower market valuation (especially as we have NO real institutional investors onboard yet (2% presently).
OF COURSE as we all know there is a LOT happening and we all hope a clarity on the gas project financing will result in a re-rate and immediately raise the SP and our spirits.
BUT I still firmly belive Chariot BoDs MUST also give CLEAR structure and planning (at the very least Mr AP) on how they intend to finance outgoings vs time scale vs returns on thier renewable ambitions, its WAY WAY to vague....markets do not like that at all, especially in the AIM market related company's
The BoDs MUST MUST provide some clarity as
although the gas project financing/farm in is, we can all assume, very very close BUT as we will not be generating cash we MUST HAVE addtional financing outside of the gas project.
We can not use farm in or raised gas financing for the renewables side: what are the related current renewables outgoing i.e. staff and CEO related wages, % of office etc etc, what else do they need for development etc etc again no produced planning financing nor how we can pay for it...
So maybe be these were the questions asked by whom every they visited on the recent road show...which has to date appears to have had no affect?????
Proof of liquidity, Proof of financing and risk of further share dilution are the driving factors for Chariot..imo.
Any one feel free to counter, please.
GLA
Kind Rgds Sft

Hi Fraserd, you make a point worthy of consideration:
I do not think Repsol retain any OnG assets in Morocco presently?
I can only find mention of Repsol selling their assets to Chariot, stating (AT THE TIME) it was too marginal for Repsol to exploit).
Then later on only in FEB 2021 Repsol were stating:
" Spanish oil and gas group Repsol is set to withdraw its hydrocarbon exploration operation from Morocco, Europa Press reported on Sunday.
According to the news outlet, the company seeks to reduce its presence in hydrocarbon exploration and production activities in four countries, including Iraq, Australia, Ireland, and Morocco.
A number of sources told Europa Press that Repsol’s decision is part of its Strategic Plan for 2021-2025"
https://www.moroccoworldnews.com/2021/02/335021/hydrocarbon-exploration-repsol-to-exit-morocco

On Repsols website it only details their Moroccan intests as lubricants and the new polypropylene compounding plant.
https://www.repsol.com/en/about-us/repsol-worldwide/africa/morocco/index.cshtml

Getting back in would be a complete U turn from Repsol BUT Putin of course has significantly changed the gas landscape for the mid to long term future. They could now be regretting that exit and want back in following Chariots addtional drilling and CPR findings, that have derisked it in the new world gas situation.
Chariot would already have a historic connection with Repsol following the sale discussions?
I still prefer TotalEnergies due to existing relationship with renewables development but tieing your self into one major operator may not be the best?
But hopefully it all comes down to who is going to give us the best deal BUT in negotiations if you already have personal relationships with Repsol OnG personnel that COULD be a final winning factor???
Rgds Sft

Looking at the link that Ianfer kindly posted: last year 24 sponsors, this year it appears to be just Chariot???
Maybe missing something.
Speakers: 1x Harbour 1x from Repsol, a LOT from ONHYM though, a Energy TRANSITION & Sustainable Development minister AND Malcy (that and the quality of the website sums up the "Sumit" ????).

Does not appear to be quite the number of sponsors or potential quality farm in partners present?

I am hoping that this is a kind of team building, discussion opportunities, wine, dine and promote the "valuable efforts" of departmental personnel required to get the job done type of "Sumit".....Still would be nice to see some "other" operator(s) present, maybe they will be listening rather than presenting???
Bit of a worry when Malcy makes the cut.....WHY?????
Standing by, but feel the need to bite my nails..not started yet though.

Rgds Sft